Ozon Bank (formerly Oney Bank)

Performance indicators

2024: The share of Wildberries, Ozon and Yandex banks in the electronic payment market has grown to 40%

Financial institutions owned by major technology companies Wildberries, Ozon and Yandex have significantly increased their share in the electronic payment market in Russia. According to data announced in mid-October 2024, their combined share reached 40%, which is 20 times higher than three years ago. Read more here

2022: Losses of 196 million rubles

Net losses of Ozone Bank at the end of 2022 (according to RAS) amounted to 196.3 million rubles, which is slightly less than losses a year ago (209 million rubles). Such data were disclosed in early May 2023.

According to Kommersant, citing materials from Ozone Bank, the operating expenses of the credit institution in 2022 increased 1.3 times compared to 2021 and reached 284.7 million rubles. The loss refers to the reporting of Ozone Bank, which worked with a basic license, but most of the operations were carried out on the basis of Ekom Bank with a universal banking license, created in March 2022, emphasizes CFO Ozon Fintech Viktor Tantsyrev.

Net losses of Ozone Bank amounted to 196.3 million rubles

The profit of Ekom-Bank for incomplete 2022 amounted to more than 1.4 billion rubles, and the audience of our fintech product "Ozon Cards" in 2022 reached 16 million people, almost half of the active audience of the marketplace, - he said in a conversation with the publication.

According to experts interviewed by the newspaper, banks in the ecosystem of Marketplaces services are not key in profitability. They act as a tool that should make the main services of the ecosystem more profitable and attractive, said Yegor Krivoshey, head of the blockchain and fintech laboratory at the Skolkovo School of Management.

The general director of Infoline Analytics Mikhail Burmistrov explained the loss-making of banks in Russian marketplaces by the fact that they have not yet left the investment stage. In his opinion, in 2023 they will also not leave it.

At the same time, Yegor Krivoshey is confident that the business of financial areas in non-financial companies will only grow. Fintech services are represented not only by marketplaces, but also by telecom operators, retailers, he notes. Non-financial areas are created for the development of the main business. This could increase competition between such banks and classical financial institutions. And, in turn, lead to intervention by the regulator in the event of an active growth in the volume of non-financial companies.^[1]

2021: 3-month capital increase

As of November 1, 2021, the capital of Ozone Bank amounted to 0.78 billion rubles, which is twice as much as three months earlier. The Yandex Bank indicator during this time rose 1.6 times, to 1.64 billion rubles. On December 2, 2021, the Kommersant newspaper wrote about this with reference to the reports of the mentioned organizations.

Despite the relatively small volume of the banking business Yandex"" and, Ozon experts highly appreciate the opportunities to expand it. Thus, Anton Lopatin, director of the Fitch Ratings banking analytical group, believes that Yandex Bank with its capital can increase assets to 12-14 billion rubles, and Ozone Bank, taking into account smaller capital, can increase assets to 6-7 billion rubles. According to the expert, the issuance of loans in an amount comparable to the possible growth of assets (6-12 billion rubles) will raise them to the number of 65-75 largest banks in this indicator.

Ozon and Yandex doubled the capital of their banks in 3 months

Yandex Bank can deal with customers who order goods on Yandex.Market or buy cars on Авто.ру, and give others to partner banks, experts say. And Ozon, in their opinion, is more profitable to develop installments on its own cards, the number of which exceeded 1.5 million pieces.

The installment plan is suitable for the bank, since in its case there is co-financing from the bank, store and manufacturer of goods, as a result, the loan rate is lower than with classical lending. This, in turn, puts less pressure on capital, says Kommersant's interlocutor in the banking market.

In addition to credit lines and overdrafts in servicing marketplaces, it is important to provide solutions that will ensure quick payments and maintain the appropriate infrastructure, said Arthur Zaremba, an expert at the international payment provider Ecommpay.^[2]

History

2024: An employee of Ozone Bank received a deadline for the sale of personal data for bitcoins

At the end of August 2024, the Sosnovsky District Court of the Chelyabinsk Region sentenced a 22-year-old resident of Chelyabinsk, a former employee of Ozone Bank. He received a term for the sale of personal data of clients of the organization.

According to the prosecutor's office of the Chelyabinsk region, a man whose name has not been disclosed used his official position from May to August 2023 and transferred personal data of citizens to third parties. Buyers of information transferred funds to the crypto wallet of Chelyabinsk. After the money arrived, the convict converted bitcoins into rubles. This allowed him to hide sources of funds.

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Bloomberg

To give the type of legitimate receipt of funds, the man developed a criminal scheme: third parties transferred funds for the information received to the convict's crypto wallet, then the latter converted the Bitcoin cryptocurrency into the Russian ruble, the prosecutor's office said in an official statement.

The ex-employee of Ozon Bank was charged with committing crimes under Part 3 of Art. 272 of the Criminal Code of the Russian Federation (illegal access to computer information), part 3 of Art. 183 of the Criminal Code of the Russian Federation (illegal receipt and disclosure of information constituting a commercial secret), part 1 of Art. 174.1 of the Criminal Code of the Russian Federation (legalization of funds acquired by a person as a result of committing a crime). The court sentenced him to imprisonment for a period of 1 year 6 months conditionally, with a fine of 50 thousand rubles in state income.

Personal information of Ozon Bank clients can be used to organize personalized phishing attacks and other fraudulent schemes aimed at stealing money. Knowing the details about the victim, cybercriminals can put her vigilance to sleep. And this significantly increases the chances of success of a fraudulent campaign.^[3]

2023: Completion of the merger of Ekom Bank and Ozone Bank

On April 12, 2023, Ozon announced the completion of the merger of its two banks - Ekom Bank and Ozone Bank. The combined credit institution will develop under the Ozon Bank ("Ozone Bank") brand on the basis of a universal license.

As the retailer's press service explained, the presence of a universal banking license in combination with a recognizable marketplace brand will allow the development of financial services in demand by businesses and buyers to continue. The company emphasizes that the completion of the reorganization will not affect customer operations: all conditions of interaction for individuals and legal entities will remain the same.

Ozon announced the completion of the merger of its two banks

Ozon added that the process of reorganizing banks lasted about seven months, while the company develops its own financial infrastructure for two years.

In February 2023, President RFVladimir Putin signed an order allowing the unification of Ozon banks. Then the company said that the final stage of the reorganization will take several months, will be "organized seamlessly and will not affect the operations of our clients in any way."

As noted by Interfax, a special regime for coordinating transactions with shares of subsidiary banks Ozon has been in effect since October 2022. Then "Ekom Bank" and "Ozone Bank" were included in the list of Russian credit organizations, in respect of which a ban was established on transactions with shares and shares, as well as with deposits in authorized capital, if no special permission from the president for such operations was received. Mainly in this list are the "daughters" of banks from unfriendly countries, but there are also structures of Russian companies in the IT and e-commerce sectors, in whose ownership schemes foreign holding companies are involved (these are Yandex, VK and Ozon).^[4]

2022

Joining Ekom Bank

On September 5, 2022, Ozon announced the merger of its banks. As part of the reorganization, Ozon Bank, created on the basis of Oney Bank, bought in 2021 from Sovcombank, joins Ekom Bank, created from scratch.

This was reported by Interfax with reference to the data of Fedresurs. It is clarified that the decision was made on September 1, 2022 by the only member of Ekom Bank, which will become the successor of all the rights and obligations of Ozone Bank. The proposed date of accession is December 2022, but it can be changed during the implementation of the reorganization procedure.

Ozon unites its banks

According to the SPARK-Interfax system, both banks belong to Internet Logistics, the ultimate beneficiary of which is Ozon Holdings.

We decided to reorganize the structure of our banking assets - the combined Ozon bank will have all the advantages of a universal license (Ekom Bank has it) in combination with a recognizable marketplace brand, the Ozon press service said.

A source close to the company explained to the agency that from the point of view of banking regulation, you cannot simply rename the bank, so the reorganization looks like the most logical way to continue using the brand.

Ozon opened Ekom Bank, as the company's credit institution fell under American sanctions. The new bank has a universal license that allows you to launch more services for B2C and B2B clients than the functionality of Ozon Bank allowed. At the end of March 2022 Ministry of Finance USA , Ozon Bank was excluded from the sanctions list at the request of the company.

As of June 30, 2022, more than 5.7 million active buyers used the Ozon.Account electronic wallet or Ozon.Card to make purchases on the platform.^[5]

Revocation of US sanctions

At the end of March 2022, the US Treasury Department published on its official website a message about the exclusion of the Russian Ozon Bank from the list of structures to which sanctions will apply. The credit institution could have entered the American list by mistake.

When Ozon-Bank was included in the list of sanctions, the US Ministry of Finance, as a justification, pointed out its affiliation with Sovcombank.

Sanctions imposed by the United States

On February 24, 2022, the US Treasury Department imposed sanctions against Ozone Bank for the fact that, according to the department, it is connected with Sovcombank, which is also subject to US sanctions imposed for the Russian military operation in Ukraine.

According to the Ministry of Finance, Sovcombank is the ninth largest financial institution in Russia. At the same time, this bank by the end of February 2022 is not the owner of Ozone Bank. According to a RBC source in the banking industry, the American side could still consider Ozone Bank to be part of Sovcombank, because it appears in reports for past periods, although the parties reported the completion of the transaction.

Ozon Bank fell under US sanctions

Ozon bought Oney Bank from Sovcombank for 615 million rubles in April 2021 and subsequently renamed it Ozone Bank.

The esperts interviewed by the publication recalled that the company included in the sanctions lists may apply for a revision of the decision to OFAC (Office of Foreign Assets Control, a division of the US Treasury). However, the deadline for consideration of the application is not regulated, so OFAC is drawn with consideration for years.

Anton Imennov, managing partner of the Moscow office of the Pen & Paper Bar Association, noted that mistakes are not uncommon, but it will take a lot of time and resources to correct them. For example, in February 2022, the British Foreign Ministry mistakenly indicated as the address of the bank "Russia" st. Neglinnaya, 12 , Moscow, where the Central Bank of the Russian Federation is actually located, he said.

In our practice, there was a case of correcting the injustice committed, but it took several months and a ton of correspondence. Therefore, someone's inattention can be very expensive: reputational costs and other negative consequences, for example, in the form of blocking payments, because the procedure for proving the actual error itself or in some cases obtaining an injunction to impose certain sanctions on average takes at least three to four months, - said Imennov.[6]mistake

2021

Name change to Ozon Bank

In early June 2021, Ozon announced the renaming of Oney Bank, bought from Sovcombank, which, in turn, acquired it from Auchan. The new name of the credit institution is Ozon Bank.

Vice President for Digital Financial Services of Ozon Vae Hovasapyan spoke about the rebranding at a forum organized by the company. Documents to change the name of the bank were submitted to the Central Bank of the Russian Federation.

Ozon renamed the former bank "Ashana" to "Ozon Bank"

Ozon Bank, as conceived by Ozon, will help it develop financial services for buyers and entrepreneurs. In particular, it is planned to offer credit products to sellers and strengthen the monetization of the platform.

Vae Hovasapian said that thanks to his own bank, the online retailer will be able to launch its own financial services that will work through the Fast Payment System (FPS). Thus, entrepreneurs and buyers will be able to save on payment commissions - the SBP has the lowest on the market.

At the same time, Hovasapyan clarified that Ozon will develop its financial products not alone, but together with Sovcombank. By mid-2021, the online hypermarket has been cooperating with the bank for several years and is developing services for business and customers with it.

Ozon began to explore the niche of financial technology back in 2019, when it offered customers an Ozon.Card bank card with cashback for all purchases. According to the Financial Times, by April 2021, this card had 450 thousand users, which is twice as much as a year earlier. Ozon also has its own microfinance organization.

Finam analyst Leonid Delitsin notes that Ozon is building its own ecosystem, the infrastructure for which will be the bank. In addition, Ozon intends to actively attract sellers to its marteplace, offering them, among other things, favorable lending conditions.^[7]

Ozon bought Oney Bank

On April 13, 2021, Ozon announced the purchase of 100% of Oney Bank from Sovcombank. The expected value of the transaction will be no more than $10 million. The final amount will be determined based on the value of the assets of the purchased credit institution at the time of closing the transaction, the press service of the online retailer reports.

To complete the transaction, its participants need to obtain approval from the Central Bank of the Russian Federation. As soon as the purchase officially takes place, Ozon will be able to develop its fintech direction by expanding the range and improving the quality of services offered to customers and sellers of the platform, the company noted. The retailer added that the deal should strengthen the monetization of Ozon's platform and expand the market for the company.

Ozon acquired Oney Bank

The acquisition of the bank will allow Ozon to realize our vision of the product in fintech, "says Vice President of Digital Financial Services Ozon Vae Hovasapian, whose words are given in a press release. - Our goal was to acquire an asset that could be integrated into our fintech business reasonably and efficiently. In addition, transparency and reliability of the purpose of the acquisition were key criteria for Ozon in entering into this transaction. Sovcombank is our long-time partner, and we have had a constructive business relationship for several years, developing B2B and B2C products. This deal will give us additional flexibility in launching financial services for our customers and sellers in the market. This includes faster payment services with lower fees.

Old "Oney Bank" logo

The day before the announcement of the purchase of Onya Bank, Ozon CEO Alexander Shulgin said in an interview with the Financial Times that the company will apply for a banking license to expand its fintech services and issue loans to partner sellers from the small and medium-sized business segment.^[8]

As a result, the bank was sold not for ~ $10 million, but cheaper - for 615 million rubles (~ $8.2 million), which is approximately equal to 1.5 of the bank's capital. A good mark for a "paper" license, but what did Sovcombank do with Onya Bank bought just three months ago?

How Sovcombank earned 386 million rubles in three months at Oney Bank

Before Sovcombank: In 2020, the former shareholders of Oney Bank Auchan Holding 60% and Credit Europe Group N.V. 40% decided to voluntarily hand over the license due to the cost of the project, but on December 29, 2020 they sold it to Sovcombank - for 267 million rubles. Before the sale to Sovkom, the former owners cleaned the balance sheet of Onya Bank: they early closed all previously attracted deposits of 1.33 billion rubles (mainly Auchan's money, the contracts spelled out this right if more than 60% of the bank's shares go to the new owner), wrote off delays of 86 million rubles, assigned the rights to claim loans.

These loans were previously bought from Credit Europe Bank, initially they were issued by physical. to customers for purchases at AUCHAN, Leroy Merlin and Decathlon: in 2019 2.6 billion rubles, in 2020 - about 1 billion rubles.

At the beginning of the year, Oney Bank was a "clean" paper license: money at the cash desk 277 million rubles, at the Central Bank 60 million rubles, and obligations for only 29 million rubles

What Sovcombank does with Onya Bank: Sovcombank took all the free money from Oney Bank (75.4% of assets) for deposits. Under the cession agreement, Oney Bank received 13 million rubles for the loan portfolio of physical. persons for 32 million rubles. The bank's staff was cut in half to 33. Before the sale, Oney takes deposits from Sovkom and places money in the Central Bank - 351 million rubles. In April, fixed assets were increased by 50 million rubles - up to 425 million rubles.

As a result, for clearing the balance sheet, settlements with employees, for increasing the fixed capital, Sovkom earned 386 million rubles - in 3 months - a yield of 178%. All calculations are taken from public reporting, perhaps the numbers are rough, some minor expenses and income were not taken into account.

2020

Sovcombank bought Oney Bank from Auchan

On December 31, 2020, Sovcombank announced the purchase of Oney Bank, the development of which was previously carried out by the Auchan grocery retailer. The value of the transaction was not disclosed.

According to Kommersant, the seller of 100% of the shares was the French group Gefirus, 60% of the voting shares of the company, in turn, belong to the French Oney Bank SA, 46.3% of the shares of this bank - from Auchan Holding. The remaining 40% of the voting shares of Gefirus belong to the Russian Credit Europe Bank.

The deal made it possible to significantly reduce the time that sellers would spend on closing the bank, which means saving on expenses, "Dmitry Gusev, chairman of the board of Sovcombank, told the publication.

Sovcombank acquired Oney Bank from Auchan

According to him, Sovcombank intends to increase ties and contacts with Turkish companies, since it sees great potential and prospects for partnership in this.

The message of Sovcombank says that after the closure of the transaction, the procedure for rebranding Oney Bank will be launched. By December 31, 2020, it is not known whether the legal entity of Oney Bank will remain. When asked Kommersant whether the deal will help expand the Halva installment plan project, Sovcombank did not answer. Earlier it was reported that Auchan will refuse to work with its own bank and switch to a partner model of interaction with financial organizations.

By the end of December 2020, Oney Bank is in 304th place in terms of assets in the Interfax rating with an indicator of 1.7 billion rubles.

The newspaper notes that the purchase of Oney Bank was the third acquisition of Sovcombank in the banking market in 2020. Earlier in December, he announced an obligation to buy a 100% stake in the Eurasian Bank, which is in 272nd place in terms of assets in Russia (2.7 billion rubles) and belongs to the Kazakhstan bank of the same name. In the first half of the year, Sovcombank bought a stake in Astrakhan VKA-Bank (310th place in terms of assets).^[9][10]

Close Message

On December 25, 2020, it became known about the closure of Oney Bank, owned by Auchan. The retailer decided to abandon its own financial project in order to return to the partner scheme of interaction with financial organizations.

As Kommersant was told on Credit Europe Bank and Oney Bank, the decision to close Oney Bank was made by shareholders, it will be curtailed by the end of 2020. Cooperation in the provision of financial services to customers of the Auchan Group will continue on the Credit Europe Bank platform.

Oney Bank has already warned its customers that from December 25, the cards issued by it (Visa "Auchan") will be blocked, and all loans must be repaid before this date. Auchan cards will continue to be issued by Credit Europe Bank, and VTB will conduct settlements .

Auchan closes its Oney Bank

The reason for the closure of Oney Bank was the constantly shrinking assets of the bank: in the second half of 2019 they decreased by 7.5%, and in the three quarters of 2020 - by even more than 23%.

Analyst at BCS World of Investments Yegor Dakhtler believes that it is too costly to keep your own bank when it does not develop. It is more expedient to "partner with major players who can offer better terms and tariffs on their products and services," he said in a conversation with the newspaper.

It is not yet known what decision the shareholders of Oney Bank will make about his future fate. The publication writes that now Oney-Bank has two options:

• pass the license;
• finding a buyer, which will not be easy for a small bank.

The bank was created with the aim of providing a set of banking products and services to customers of stores in the Auchan, Leroy Merlin and Decathlon retail chains. Auchan explained that the retailer uses a direct connection scheme to payment systems, which allows optimizing acquiring costs.^[11]

Notes